OPRAH’S $70M MOVE

Sells controlling OWN stake to Zaslav’s Discovery

Oprah Winfrey is giving up control of her 6-year-old cable network — for $70 million.

The former talk show queen is selling a nearly 25 percent stake to David Zaslav’s Discovery Communications — which had been a 50/50 partner with Winfrey since the woman-focused OWN: Oprah Winfrey Network formed in 2008 — both companies said Monday. It first went on the air in 2011. After the sale of the 24.5 percent stake, Discovery will own 74.5 per- cent of OWN and be able to report the cable network’s results on its balance sheet.

Before Monday’s deal, OWN had been a joint venture between Winfrey and Discovery.

“Creating OWN and seeing it flourish, supported by Discovery and a rapidly growing group of the finest storytellers in film and television, is one of my proudest achievements,” Winfrey said in a statement.

The deal marks the first time that the cable giant has made a cash payment to Harpo Inc., Winfrey’s company, since the partners inked the joint venture 10 years ago.

Winfrey’s Harpo Inc. will retain a “significant minority interest” in OWN, and Winfrey will continue as chief executive — and, equally as important, will work exclusively for OWN in the basic cable space through 2025.

Currently, Winfrey is a special correspondent for “60 Minutes” on CBS.

OWN, which hit some early ratings speed bumps, has recently picked up steam thanks to relationships with producer Tyler Perry and producer/director Ava DuVernay.

The OWN deal continues Discovery’s focus on female audiences.

In July, Discovery acquired Scripps Networks Interactive for a cash-and-stock deal valued at $11.9 billion.

The Scripps deal, expected to close in early 2018, will bring together Scripps’ largely female-targeted lifestyle channels such as HGTV, Travel Channel and Food Network with Discovery’s TLC, ID and OWN.

Shares of Discovery closed at $20.85, up 7.1 percent, on Monday.